Kerry Group are on the road to having a very, very good 2017 with reported revenue having increased by 4.5% in the last nine months to September.
Kerry Group Chief Executive Edmond Scanlon said; “The Kerry Business Model continues to deliver speedy innovation in response to the pace of change in the food and beverage industry. We achieved good volume growth in the first nine months of 2017 and for the full year, taking into account the 4% currency translation headwind, we expect to achieve growth in adjusted earnings per share of 4% to 6% on a reported basis to a range of 336 to 343 cent per share.”
The companies Taste & Nutrition Technologies and Systems business posted good sales in North America including growth in other regions.
The Taste & Nutrition division reported a 4.6% volume growth in the ninth month period.
Despite increasing inflationary pressures in the UK consumer foods market, Kerry Foods maintained good volume growth – benefiting in particular from increased snacking trends in dairy and meat categories. In the nine months to 30 September 2017 business volumes on a Groupwide basis increased by 4.2%. Pricing increased by 2% against a background of approximately 4% higher raw material costs. Reported revenues increased by 4.5% reflecting the strong business volume growth, increased pricing, adverse currency translation impact of 1.9%, adverse currency transaction impact of 0.3% and the effect of acquisitions net of disposals of 0.5%.
The Group trading margin was maintained, reflecting 20 basis points improvement in Taste & Nutrition, positive margin improvement in Kerry Foods offset by adverse sterling exchange rates resulting in a 70 basis points margin reduction, and an increased spend on the Kerryconnect Programme.
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